Spanish Oil Giant Repsol Sets Net-Zero Emissions Target for 2050

By [email protected] Repsol, Spain’s largest oil and gas company, announced a net-zero emissions target for 2050 and a €4.8 billion ($5.3 billion) asset write-down, becoming the world’s first major oil producer to pledge a complete decarbonization.

The Madrid-based company says it will reorient its business to comply with the Paris Agreement’s climate goals, with its upstream oil and gas unit to prioritize “value generation over production growth.”

Going forward, Repsol’s senior management will see a portion of their bonuses linked to the decarbonization effort, which may include carbon offsets.

Valentina Kretzschmar, director of corporate research at Wood Mackenzie, said the announcement has

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